Anaam International Holding Group Co. has canceled the memorandum of understanding (MoU) signed earlier with Abdullah Abbar & Sons Cold Stores Co. and Dar Al Abbar Holding Co. to acquire real estate and commercial assets held by the two companies in several cities, the Saudi-listed company said in a bourse statement.
The step was attributed to the expiry of the twelve-month term without finalizing the implementation process, the statement added, noting that both parties refrained from signing an extension agreement.
The MoU was valid for 12 months or until the general assembly of the purchasing company approves the deal, whichever is closer unless the two parties extend the agreement.
In November 2018, Anaam signed a non-binding memorandum of understanding (MoU) with Abdullah Abbar & Sons Cold Stores Co. and Dar Al Abbar Holding Co. to acquire real estate and commercial assets held by the two companies located in Jeddah, Riyadh, Dammam, Buraydah and Khamis Mushait, Argaam reported.
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